Key events, in time order
Q2 loss $0.52/sh beats estimates, BRINSUPRI up 49% QoQ, FY outlook raised
Company raises full-year BRINSUPRI revenue outlook after Q2 results, emphasizing long-term growth
Multiple sources report sustained efficacy and reduced mortality risk; placebo crossover group showed response.
Multiple sources confirm Insmed's removal from NASDAQ 100 effective June 22, consistent with prior event; today confirms effective date.
13F filing shows INSM at 5.59% of portfolio, 2nd largest after NTRA
BRINSUPRI delivered 44% sequential growth in Q1 2026, with cumulative revenue of $350 million in first 2 quarters, on track for at least $1 billion full-year guidance
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Facts and opinions separated · All items sourced · Not investment advice
Makes ARIKAYCE, an inhaled antibiotic for a rare lung infection (MAC), plus a pipeline of experimental drugs for other rare lung diseases.
All revenue (USD 0.61B in 2025) comes from ARIKAYCE sales; gross margin is high (83%) but the company is deeply unprofitable, losing USD 1.28B net in 2025.
Orphan drug status and a unique inhaled formulation create barriers; however, generic competition from companies like Teva and Lupin could erode exclusivity.
